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Car Affordability

How Much Can You Afford to Pay for a Car?

Your down payment and monthly payment amount are just the beginning of the costs involved in owning a car. Maintenance, insurance, fuel, and other ongoing expenses can take up a substantial amount of your overall transportation budget.

For many individuals, the price of car they can afford is a function of the amount
of the monthly payment. You can use this calculator to help determine how much you
can afford to pay for a car based on your monthly payment amount, down payment,
loan term, and available interest rate.

Your Results

Based on the information you provided, you can afford to buy a car that costs:

$0.00

Total interest you would pay:

$0.00

Total cost of car:

$0.00

This chart illustrates the remaining loan balance over the life of the loan.

Car Loan Balance Over Time

This hypothetical example is intended for illustrative purposes only. Actual results
will vary based on the car you buy and the terms of your loan.

This hypothetical example is used for illustrative purposes only. Actual results will vary.

The information in this calculator is not intended as tax or legal advice, and it
may not be relied on for the purpose of avoiding any federal tax penalties. You
are encouraged to seek tax or legal advice from an independent professional advisor.
The content is derived from sources believed to be accurate. Neither the information
presented nor any opinion expressed constitutes a solicitation for the purchase
or sale of any security.

"James McCoy is an agent licensed to sell insurance through New York Life Insurance Company and may be licensed with various other independent unaffiliated insurance companies in the states of AL, TN, GA, MS.No insurance business may be conducted outside these state(s) referenced.

James McCoy is a Registered Representative of and offers securities products & services through NYLIFE Securities LLC, Member FINRA/SIPC, a licensed insurance agency. In this regard, this communication is strictly intended for individuals residing in the state of AL. No offers may be made or accepted from any resident outside the specific state referenced. NYLIFE Securities LLC is a New York Life Company.